If you're a small, private liberal arts college? https://www.edsurge.com/news/2018-04-24-for-small-private-liberal-arts-colleges-what-s-the-drive-to-go-online
"“We are trying to do what many institutions are trying to do, get a more-diverse student population,”" If every school is similarly diverse then there is no diversity. If the school is viable as is then there is no need to be at this time online.
Steve, it's not often that someone beats me to the punch in posting Spaceballs quotes, but when you're right, you're right, and you- you're always right!
One of the problems of not going online is being left behind and going out of business. Survival is this case is more important than diversity. Diversity in the student populations is not necessarily diversity in content and thinking.